Post-Market: Sensex ends volatile session lower Analysis for May 29, 2014

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Equity benchmarks remained under pressure throughout the day and closed in the negative territory with the Nifty trading below the 7300 level on expiry day, weighed down by heavyweights like Infosys, Reliance Industries and HDFC twins. At closing, BSE SENSEX was at 24215.84 crashing by 340.25 points or by 1.39 per cent and the NSE Nifty was at 7235.25 down by 94.4 points or by 1.29 per cent. Modi"s strategic vision on the economic front failed to provide any respite to the ailing markets signifying caution ahead of big events lined up for the next week. The BSE MIDCAP was at 8436.93 down by 26.16 points or by 0.31 % while the BSE SMLCAP was at 8986.08 down by 42.74 points or by 0.47 %. The BSE Sensex touched intraday high of 24528.2 and intraday low of 24206.5.

The top losers of the BSE Sensex pack were Infosys Ltd. (Rs. 2926.30,-7.75%), Wipro Ltd. (Rs. 495.35,-3.57%), Bharat Heavy Electricals Ltd. (Rs. 242.75,-2.51%), Oil And Natural Gas Corporation Ltd. (Rs. 376.00,-2.30%), Cipla Ltd. (Rs. 372.10,-2.03%), among others.

The top losers of the NSE Nifty pack were Infosys Ltd. (Rs. 2925.65,-7.80%), Jindal Steel & Power Ltd. (Rs. 296.60,-3.50%), IDFC Ltd. (Rs. 127.20,-3.20%), NMDC Ltd. (Rs. 171.45,-2.67%), Wipro Ltd. (Rs. 500.60,-2.65%), among others.

In BSE, BSE_IT index was at 8425.55 down by -293.75 points and BSETECk index was at 4809.09 down by -141.39 points.The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 3195, shares advanced were 1497 while 1579 shares declined and 119 were unchanged.

Asian markets ended the day on a mixed note. The Chinese market gained some relief from yesterday"s low although closing in the negative territory China"s Shanghai Composite Index dropped 0.5 percent. However, amid optimism that the U.S. economy can withstand a reduction in stimulus and that Chinese policy maker will step in to bolster slowing growth creates a positive outlook. Hang Seng Index was little changed, after rising 0.6 percent earlier. Nikkei share average gained 0.1 per cent. The shares inched up to a one-year high on Thursday while global bond prices surged, pushing their yields to multi-month lows, supported by expectations of easier monetary policy from the European Central Bank.

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Story first published: Thursday, May 29, 2014, 16:12 [IST]
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